Centre-left parties in Europe have lost the argument for pragmatic fiscal policy and support for austerity seems to prevail. So where does this leave those who refuse to vote for more austerity?

There have been hints for a while that the centre-left in Europe faces a dilemma, torn between its support for internationalism and the European project, on the one hand, and its opposition to austerity on the other, Barely two months before the European Parliament elections, the dilemma has become acute.If social democrats cannot find a way to reverse austerity in Europe, at what point should they concede defeat on debt-mutualisation, genuine fiscal and monetary stimulus, and support a Eurozone breakup and/or serious debt re-scheduling? The status quo, as it stands today, is unacceptable.